Do a market survey (independently or with an agent) and know how much houses are selling for. Also find out what kind of lease the property has, whether freehold or leasehold. When you find what you are looking for according to your specifications and requirements, contact the seller whether a developer or individual. Ask for a viewing of the property (if readily built) or renderings (if off-plan), purchase price, floor areas, hidden charges, service fees, title processes and procedures and any other questions related to your purchase.

Timing for buying a house in Ghana is of the essence so as to enjoy some level of financial peace. Buying a house is a big deal if you don’t have money or resources to pay for the property. It is therefore a good practice to access your finances and know when you are ready. You can start by accruing an emergency fund for yourself until it reaches between 3 to 6 months of your expenses. Once you have done this, you are assured of financial backup support and you are ready to use readily available funds to move forward with the purchase.

If possible, try to make a plan on saving each month after house/mortgage payments. A sweet spot of 25% of your monthly income looks ideals. You do not want to save all your money or you leave yourself unprepared to face emergencies or fail to embrace new opportunities. Do this by multiplying your income by 0.25 to find your monthly savings amount. You can also decide to start saving with a bank or investment firm, then increase your contribution as you progress. After the above-listed are satisfied, you may make a down payment to reserve a unit or units. The down payment indicates how serious you are to acquire the property. You may decide to take a loan from the bank, a mortgage or use your own cash to finance the purchase of your home/apartment.

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